Notifying Beneficiaries to Declare Share of Income

Beneficiaries must be notified that they should declare their share of income in their personal Income Tax Returns as estate/trust income.

Beneficiaries are people who are legally entitled to the income/capital of an estate/trust by virtue of a will; trust deed or the Law of Intestacy, i.e., when a person dies without a will.

Beneficiaries must declare their share of income in their Individual Income Tax Returns as estate/trust income.

 

Requirement to Declare Share of Income

Resident Beneficiaries

Please notify resident beneficiaries that they are required to declare their share of income in their Individual Income Tax Returns under 'Others' as a charge or estate income. Generally, capital receipts (such as sale proceeds from properties/shares, insurance monies) are not taxable. Please do not declare such receipts.

Non-resident Beneficiaries

Tax on non-resident beneficiaries' share of entitlement or distribution of income is assessed and paid at the estate / trustee level. 

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